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Question: you are planning to save for retirement over the next...

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You are planning to save for retirement over the next 20 years. To do this, you will invest $1,000 a month in a stock account and $700 a month in a bond account. The return of the stock account is expected to be 11 percent, and the bond account will pay 7 percent. When you retire, you will combine your money into an account with a 10 percent return.


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How much can you withdraw each month from your account assuming a 20-year withdrawal period?(Do not round your intermediate calculations.)

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